As the latest market sentiment turns bearish, the weekend Ethereum price appears to be closer to another massive drop of over 7% to 10%. The cryptocurrency space was depleted shortly after Federal Reserve Chairman Jerome Powell spoke at a conference to ensure drastic measures to curb rising inflation.
Bitcoin price hits a new monthly low below $20,000, while ETH price follows the star cryptocurrency below $1,500. ETH prices have come under significant bearish pressure over the past session, forcing the price to test the lower support of the ascending parallel channel. However, today’s action dragged prices down by more than 5%.
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The second largest cryptocurrency is expected to continue to trade sideways , until the day’s close and trying to regain its position within the channel. However, the bears still dominate the rally and thus likely cap the price below $1,550, which could push the weekend bearish.
Another major chart pattern that shows a huge bearish signal is the formation of a “Head and Shoulders” pattern. As one popular analyst rightly pointed out, ETH price is currently testing the neckline.
Ethereum (ETH) price seems to be in a bearish trend right now. While a wrong move could drag the price towards lower support, around $1,269 according to analysts.